Fractional Ownership of a cottage
We are a couple with no kids, nearing 50 in age. Primary home mortgage balance is well under control and less than 5 years to pay-off. We also have another investment Condo townhouse.
Now, we are considering to buy a vacation cottage somewhere up in Muskoka.
This is new to us and we are also dreading weekly drive up North on weekends, in addition to the fact that we do not want to get tied up with the cottage as we would like to travel other places too.
We came across a couple of cottage offers in Bracebridge area for Fractional ownership of 5 weeks per year. We are considering to visit and get more details.
One of them is at a cost of $55,000 and another is a luxury cottage selling at over $140,000. If we cannot use all the 5 weeks, we can rent out. Yearly maintenance is ranging from $3000 to $5000.
Is there anyone currently under Fractional ownership of cottages? How has been the experience? Any pitfalls that we have to be careful about?
Would appreciate feedback. Thanks in advance.